he was a big contributor to the site so... and at least by the end of the thread your know if his method works
Just because a "method" doesn't work for you, it doesn't mean it doesn't work.
Just because a "method" doesn't work for you, it doesn't mean it doesn't work.
very true, methods work with different people and if one doesn't work with me doesn't mean it isn't going to work. so let's see if his/others that helped him, make his method work for me in live, as it did in demo!
reviewed my last week, currently down £47 for the two weeks of trading 9 trades taken 4 winners, 5 losers.
one of the losers wasn't a good trade to take when reviewed it was an outside bar, but it looked dodgy and wasn't a strong level on the hourly. This is in the first pic.
second loser, i tried, a new approach using inside bars, which i don't know that much about but saw good results looking back on charts. Pic 2 (but my biggest winner for £27 was using that method so can't complain that much)
i'm gonna keep trying doing what i'm doing until I reach £800 in the account or it works, making little adjustments and being a little more picky when picking trades.
Also i don't know if other traders have this problem, but on the higher time frames how do you reduce risk? as on the daily i'm having to risk to much if i'm wrong and also on the hourly it less reliable than the higher TF's.
one of the losers wasn't a good trade to take when reviewed it was an outside bar, but it looked dodgy and wasn't a strong level on the hourly. This is in the first pic.
second loser, i tried, a new approach using inside bars, which i don't know that much about but saw good results looking back on charts. Pic 2 (but my biggest winner for £27 was using that method so can't complain that much)
i'm gonna keep trying doing what i'm doing until I reach £800 in the account or it works, making little adjustments and being a little more picky when picking trades.
Also i don't know if other traders have this problem, but on the higher time frames how do you reduce risk? as on the daily i'm having to risk to much if i'm wrong
and also on the hourly it less reliable than the higher TF's.Attachments
Haven't posted on here for a while i'm still trading, thought i'd tell people my progress.
positive outcome this month £80 up so positive by £25 overall from the start of the year, think this is due to looking closer at news and identifying the trend based on news and using moving averages to define the trend as well, then only trading retracements in that direction.
on a winning streak of 3 trades now (only pound a point as well if people are wondering why my profits are so small). Probably gonna try to do pyramiding next week, done reducing position size which worked incredibly well, the feeling of knowing you banked profit and still in a trade is great.
gonna revise my trades for this month and have look for trade ideas for next week now so....
Happy trading,
oshunt
positive outcome this month £80 up so positive by £25 overall from the start of the year, think this is due to looking closer at news and identifying the trend based on news and using moving averages to define the trend as well, then only trading retracements in that direction.
on a winning streak of 3 trades now (only pound a point as well if people are wondering why my profits are so small). Probably gonna try to do pyramiding next week, done reducing position size which worked incredibly well, the feeling of knowing you banked profit and still in a trade is great.
gonna revise my trades for this month and have look for trade ideas for next week now so....
Happy trading,
oshunt
Hey everybody
thought update you on how the last six months have gone.
Honestly it could have gone a lot better, also could have been a lot worse. 66 trades later, I'm down by £240 from the first post on here, not a lot, probably due to the trading plan and good money management, still awful.
The reasons why I failed come down to i'm still learning, but going through my journal helped me further realize the reasons. I'd say the downfall stems from one trade where I saw a 70 pound profit turn into a 30 pound loss, and this trade through my psychology. There are other reasons as well like changing strategy and not being consistent with one. Going down to the five minute after demoing a strategy for a month (this is where half of the losses occurred). Trading way beyond my skill level and over thought loads of variables.
A good thing i can take away from this is that i never traded over my limit of 5% at any time over 9 months, however this just means my trade management skills are awful or I can't pick good trades.
After realizing this and going over my plan and journal, I'm ready to start again, this time a setting a two year target off a £5000 account size, this is still a high target, but if i can be consistent for four months in a row i'll add money to the account to speed up the process.
So expect more posts from me and not just trades I enter ideas as well, hopefully some members can shed some light on my thought processes.
Thanks,
oshunt
thought update you on how the last six months have gone.
Honestly it could have gone a lot better, also could have been a lot worse. 66 trades later, I'm down by £240 from the first post on here, not a lot, probably due to the trading plan and good money management, still awful.
The reasons why I failed come down to i'm still learning, but going through my journal helped me further realize the reasons. I'd say the downfall stems from one trade where I saw a 70 pound profit turn into a 30 pound loss, and this trade through my psychology. There are other reasons as well like changing strategy and not being consistent with one. Going down to the five minute after demoing a strategy for a month (this is where half of the losses occurred). Trading way beyond my skill level and over thought loads of variables.
A good thing i can take away from this is that i never traded over my limit of 5% at any time over 9 months, however this just means my trade management skills are awful or I can't pick good trades.
After realizing this and going over my plan and journal, I'm ready to start again, this time a setting a two year target off a £5000 account size, this is still a high target, but if i can be consistent for four months in a row i'll add money to the account to speed up the process.
So expect more posts from me and not just trades I enter ideas as well, hopefully some members can shed some light on my thought processes.
Thanks,
oshunt
New plan now... i'm going to focus on only trading on daily and 4hr timeframes as i'm working full time now on a placement, going to use the same PA strategy except, it will focus more on levels... indicies and currencies will be my main observations, however i'm open to commodities but iv'e never really looked at them, wouldn't even know where to start.
Another strategy i'm trying out is going to be the 3 duck strategy which i'm going to demo for 3 months and test results. hopefully this can be implemented when i come back from work in the 5 hour window I have.
Another strategy i'm trying out is going to be the 3 duck strategy which i'm going to demo for 3 months and test results. hopefully this can be implemented when i come back from work in the 5 hour window I have.
placed a trade just this minute AUD/USD short side a 50p spread bet,
Reasons:
the US is strong at the moment fundamentally and the AUD is weak and this pair has been short selling a for a long time. The other reason it has hit daily resistance and formed a SFP of the 4hr.
ATR - its volatility is very low at the moment showing its ready to explode in which direction i do not know especially with such large amounts of news coming out in the next ten hours which i'll be asleep for (technicals point in my direction)
RSI - steadily rising yet the price has been going down i forgot what this is called, but it shows a good sign that price is ready for a drop.
ADX - not that important its weak at the moment as no direction is strong, however i'd say it favors my position.
the trade was taken after a heavy drop and then re-tracement but it is unlikely the price will hit my stop in the next couple of hours due to it being slightly above the daily atr of 0.0097, this is also the high of the day. which re enforces the price even more.
my target is the close of the gap formed on the 4hr, this is because i would have tried to go to 52 week low but me being greedy in the past has lead to some bad mistakes.
it was 15 mins since the trade, it's quite risky with retail sales and other news coming out in a couple of hours but will be a big pay off also my stops and entry are the orange lines.
Reasons:
the US is strong at the moment fundamentally and the AUD is weak and this pair has been short selling a for a long time. The other reason it has hit daily resistance and formed a SFP of the 4hr.
ATR - its volatility is very low at the moment showing its ready to explode in which direction i do not know especially with such large amounts of news coming out in the next ten hours which i'll be asleep for (technicals point in my direction)
RSI - steadily rising yet the price has been going down i forgot what this is called, but it shows a good sign that price is ready for a drop.
ADX - not that important its weak at the moment as no direction is strong, however i'd say it favors my position.
the trade was taken after a heavy drop and then re-tracement but it is unlikely the price will hit my stop in the next couple of hours due to it being slightly above the daily atr of 0.0097, this is also the high of the day. which re enforces the price even more.
my target is the close of the gap formed on the 4hr, this is because i would have tried to go to 52 week low but me being greedy in the past has lead to some bad mistakes.
it was 15 mins since the trade, it's quite risky with retail sales and other news coming out in a couple of hours but will be a big pay off also my stops and entry are the orange lines.
Attachments
this Spread bet didn't come through exactly £20 loss i'm not disappointed news was negative in the night but it didn't move the pair in that direction.
I followed my plan and can now put another reaction to news down for the aud and make a database.
Just got to keep on looking.
I followed my plan and can now put another reaction to news down for the aud and make a database.
Just got to keep on looking.
AUD/USD
i'm going to keep my eye on the AUD/USD there's a strong level at 0.91363 which will be the first hit i'm going to look to go short there. my stop would be 0.92190 but i would get out way before then. the technicals still point down if it can get to that level.
USD/CHFthe swissy is aproaching a daily resistance at 0.93907 if it hits it will be the sixth time i'd be looking to get long once it hits.
USD/CAD
i can't see an opportunity on this one, it is trending up.
NZD/USD
this pair has hit a strong lower trend line and looks like its going up technically, however fundamentally it's not a strong pair.
EUR/USD
this pair was on my watch list but it's off now nothing good.unless it can go above the daily resistance which correlates with 32.8 fib level, but it's unlikely in the next two hours.
GBD/USD
cable is trending up, looks to keep going up with PA backing it.
USD/JPY
I can't tell, and have no shame in saying that. long up trend going down in the short term.
That's my daily analysis done
please ignore this, it just helps me take trading for what it is a job
i'm going to keep my eye on the AUD/USD there's a strong level at 0.91363 which will be the first hit i'm going to look to go short there. my stop would be 0.92190 but i would get out way before then. the technicals still point down if it can get to that level.
USD/CHFthe swissy is aproaching a daily resistance at 0.93907 if it hits it will be the sixth time i'd be looking to get long once it hits.
USD/CAD
i can't see an opportunity on this one, it is trending up.
NZD/USD
this pair has hit a strong lower trend line and looks like its going up technically, however fundamentally it's not a strong pair.
EUR/USD
this pair was on my watch list but it's off now nothing good.unless it can go above the daily resistance which correlates with 32.8 fib level, but it's unlikely in the next two hours.
GBD/USD
cable is trending up, looks to keep going up with PA backing it.
USD/JPY
I can't tell, and have no shame in saying that. long up trend going down in the short term.
That's my daily analysis done
please ignore this, it just helps me take trading for what it is a job
AUD/USD
i'm going to keep my eye on the AUD/USD there's a strong level at 0.91363 which will be the first hit i'm going to look to go short there. my stop would be 0.92190 but i would get out way before then. the technicals still point down if it can get to that level.
USD/CHFthe swissy is aproaching a daily resistance at 0.93907 if it hits it will be the sixth time i'd be looking to get long once it hits.
USD/CAD
i can't see an opportunity on this one, it is trending up.
NZD/USD
this pair has hit a strong lower trend line and looks like its going up technically, however fundamentally it's not a strong pair.
EUR/USD
this pair was on my watch list but it's off now nothing good.unless it can go above the daily resistance which correlates with 32.8 fib level, but it's unlikely in the next two hours.
GBD/USD
cable is trending up, looks to keep going up with PA backing it.
USD/JPY
I can't tell, and have no shame in saying that. long up trend going down in the short term.
That's my daily analysis done
please ignore this, it just helps me take trading for what it is a job
My follow up of yesterday
JPY - went up on the day
GBD - followed my expectations and trended up strongly for the day
EUR - did trade up for the day could possibly be on the shortlist for long.
NZD - guess technicals won over fundamentals
CAD - was right in saying i can't see an opportunity, wrong in thinking it was going up
CHF - its stalled at the level and big day tomorrow for the usa news it coukd be a break.
AUD - i'm just plain wrong on this
analysis 3 out of the 4, not bad
Well my account reached the fresh hold, where i have to go back to demoing for couple months, which is a pain... this gives me an excuse to open up a demo account with fx provider at least, which is what i'll eventually have to do if i wan't to do if i wan't to trade in prop in two years.
Placed a trade at work in the swissy today as in my previous analysis it looked good to break the daily level, which it did I placed my stop to close with price going 6 points beyond my stop and then climbing 70 points within two hours going towards my target... this is mainly the reason why im gonna stop spread betting i haven't got enough capital to let my trades breathe.
Placed a trade at work in the swissy today as in my previous analysis it looked good to break the daily level, which it did I placed my stop to close with price going 6 points beyond my stop and then climbing 70 points within two hours going towards my target
... this is mainly the reason why im gonna stop spread betting i haven't got enough capital to let my trades breathe.Similar threads
